STO(SZ:002468) 中国基金报·2025-07-27 00:23Core Viewpoint - Shentong Express plans to acquire 100% equity of Daniao Logistics for 362 million yuan to enhance its quality express delivery services and optimize resource integration [2][7]. Group 1: Acquisition Details - The acquisition involves Shentong Express's wholly-owned subsidiary and is classified as a related party transaction, but not a major asset restructuring [2]. - Daniao Logistics is primarily owned by Zhejiang Cainiao Supply Chain, which holds 96.15% of the shares [3]. Group 2: Industry Overview - The express delivery industry has seen significant growth, with a projected completion of 175.08 billion packages in 2024, marking a 21.5% year-on-year increase [5]. - The total revenue for the express delivery sector is expected to reach 1.4 trillion yuan in 2024, reflecting a 13.8% increase [5]. - The average price per express delivery package is forecasted to be 8.01 yuan, down 6.33% year-on-year, indicating a trend of declining product prices [5]. Group 3: Strategic Intent - Shentong Express aims to integrate resources and optimize product structure to build a differentiated competitive advantage through this acquisition [7]. - The company emphasizes the need for supply-side structural reforms in the industry to enhance service quality and efficiency while avoiding disorderly competition [6]. Group 4: Daniao Logistics Profile - Daniao Logistics, established in 2009, has a registered capital of 498 million yuan and provides services such as pickup, transit delivery, and reverse logistics for major e-commerce platforms [7]. - The company operates a mature quality express network with 59 distribution centers and over 2,600 service points across the country [7]. - In 2024, Daniao Logistics is expected to handle over 4 million high-value orders daily, generating revenues of 12.351 billion yuan [7]. Group 5: Financial Performance - Shentong Express reported a total revenue of 47.169 billion yuan for 2024, a 15.26% increase year-on-year, with a net profit of 1.04 billion yuan, up 205.24% [9]. - In Q1 2025, the company continued its growth trajectory with revenues of 11.999 billion yuan, an 18.43% increase, and a net profit of 236 million yuan, up 24.04% [10]. Group 6: Market Reaction - Following the acquisition announcement, Shentong Express's stock price surged to 15.14 yuan per share, reaching a new high since 2021, with a total market capitalization of 23.18 billion yuan [8]. - The stock has seen a cumulative increase of 41.63% in July [8].